Ruchi Soya Industries Ltd reported a 25 percent decline in its standalone net profit to Rs 234.33 crore for the March 2022 quarter, mainly due to higher tax expenses. Its net profit stood at Rs 314.33 crore in the year-ago period.
The company's total income rose to Rs 6,676.19 crore in the fourth quarter from Rs 4,859.5 crore in the corresponding period of the preceding fiscal. Net profit increased to Rs 806.3 crore in 2021-22 from Rs 680.77 crore a year ago.
Total income surged to Rs 24,284.38 crore during the last fiscal from Rs 16,382.97 crore in 2020-21. Its tax expenses stood at about Rs 61 crore in the quarter. The firm had received a tax credit of Rs 166 crore in the year-ago period.
The company also announced a dividend of Rs 5 per share for shareholders. Ruchi Soya was acquired by Baba Ramdev led-Patanjali group in 2019 for Rs 4,350 crore through an insolvency process.
Recently, Patanjali Ayurved announced the sale of its food retail business to group firm Ruchi Soya Industries Ltd for Rs 690 crore as part of its strategy to focus on non-food, traditional medicine, and wellness businesses.
Ruchi Soya Industries Ltd has recently raised Rs 4,300 crore through a follow-on public offer (FPO). The promoters' stake reduced to 80.82 percent, and the public shareholding stood at 19.18 percent. The company has utilized the proceeds of the FPO to repay 100 percent of its bank and long-term borrowings.
READ MORE: Ruchi Soya Is Now Patanjali Foods Limited
Ruchi Soya sells its products under brands like Ruchi Gold, Mahakosh, Sunrich, Nutrela, Ruchi Star, and Ruchi Sunlight. It has one of the largest oil palm plantations companies in India with over 56,000 hectares under oil palm cultivation, engaging with more than 39,000 farmers across nine states in India.
The company is also engaged in renewable wind energy business out of which 19 percent is used for captive consumption.